Odaily Planet Daily reported that MicroStrategy Executive Chairman Michael Saylor recently suggested using 'too big to fail' financial institutions to custody Bitcoin instead of the self-custody he once supported, a statement that has faced fierce criticism. In an interview on October 21, he stated that holders would not incur any losses by transferring Bitcoin to financial institutions. When asked whether the U.S. government would strip Bitcoin holders of their self-custody rights, similar to how holding gold was deemed illegal in 1933, Saylor added that anyone who believes the government would approve the confiscation of Bitcoin is a 'paranoid crypto anarchist' and that there is 'a lot of unnecessary fear.' He indicated that relying on 'too big to fail' banks is preferable to relying on hardware wallets, as they are 'designed to be custodians of financial assets.' Saylor's apparent 180-degree turn on the self-custody issue has drawn criticism from industry figures. Sina, founder of Bitcoin custody and security firm 21st Capital, stated, 'Saylor's mission is to downgrade Bitcoin to an investment pet rock and halt its use as currency.' Meanwhile, Simon Dixon, author of the book (Bank to the Future), speculated that Saylor is downplaying the importance of self-custody because it is detrimental to MicroStrategy's long-term plans to transition into a Bitcoin bank and offer loans. However, there are supporters of Saylor's viewpoint; Julian Figueroa, founder and host of 'Get Based,' believes that Saylor's comments are aimed at institutions rather than individuals. (Cointelegraph) Previously, Michael Saylor stated that MicroStrategy's ultimate goal is to become a Bitcoin Bank and build a company valued at one trillion dollars.